Mitsubishi Corporation Transfers MPDC Gabon Shares to Chiyoda Co
Mitsubishi Corporation Transfers MPDC Gabon Shares to Chiyoda Corporation
Tokyo, Oct 4, 2013 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce the transfer of 25 percent of its shares held in wholly owned subsidiary, MPDC Gabon Co. Ltd. (MPDC Gabon), to Chiyoda Corporation.
MPDC Gabon, established in 2001, oversees the exploration and development of oil and natural gas in West Africa. MPDC Gabon holds 50 percent each participating interests in two offshore blocks in the Republic of Gabon-the Baudroie-Merou Block and the Loche East Block*. MPDC Gabon produces some 4,000 barrels per day, reaching a cumulative volume of 146 million barrels at the end of 2012.
Drawing on Chiyoda's engineering capabilities, this partnership will contribute to stable and efficient operation of the projects.
MC has been conducting business in petroleum exploration and development since it acquired an all equity stake in Mitsubishi Petroleum Development Co., Ltd. (MPDC; now Mitsubishi Corporation Exploration Co., Ltd.) in 2001. MPDC had an early focus on West Africa, with operations in Gabon since the 1970s and in Angola since the 1980s, and is taking advantage of the wealth of expertise accumulated over the years in the successful execution of business.
MC will continue to develop its oil and gas business globally, not only in West Africa, but also in Asia and North America as part of its commitment to playing a part in providing a stable supply of energy to the market.
* Shareholder Breakdown Baudroie-Merou Block: MPDC Gabon 50 percent; Total Gabon 50 percent Loche East Block: MPDC Gabon 50 percent; Perenco Oil and Gas Gabon, 40 percent; Gabonese Government, 10 percent.
Mitsubishi Corporation Tel: +81-3-3210-2171 Fax: +81-3-5252-7705
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